BlueFire Renewables, Inc. (OTC:BFRE) Gets a Surprising Spike
BlueFire Renewables, Inc. ( OTC:BFRE ) share price surged up surprisingly in the middle of Friday trading session. The reasons are yet unknown as there has been no news for quite some time. BFRE last closing price of $0.20 for a share represents a 17.65% gain from the previous close. During the session it even jumped to $0.23, while the trading volume was also considerable as compared to the average with 215,338 traded shares. BFRE has had a comparable spike at the end of last October, however, the company had issued news to initiate it at that times. A new press release might still follow to support the short-term gain of BFRE stock. The company's fundamentals look quite disastrous, however. At the end of last September, BFRE had only $144,000 in current assets, while it had accumulated liabilities for more than $1 million. BlueFire Renewables intends to construct and operate bio-refineries for the production of ethanol and it still has not realized any product sales. The company only derives revenue from grants and its operations have negative cash flows. One last significant thing heard from BFRE was the formation of a new subsidiary named SucreSource announced in November. The new company would focus on the production cellulosic sugers, but it looks like investors do not expect any positive effect of that action soon.